Note 12 - Share-based Compensation

6 Months Ended

May 31, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 12 – SHARE-BASED COMPENSATION

	Three months ended May 31,				Six months ended May 31,
	2022		2021		2022		2021
Stock options	$	1,192	$	1,207	$	2,385	$	2,400
Performance share unit plan		859		829		1,695		1,625
Deferred share unit plan		54		59		116		112
	$	2,105	$	2,095	$	4,196	$	4,137

Stock options

A summary of stock options outstanding and activity during the six months ended May 31, 2022 are as follows:

	Number of stock options (thousands)			Weighted- average exercise price per share		Weighted- average remaining contractual term (years)		Aggregate intrinsic value
November 30, 2021		8,602		$	5.43
Granted		1,987			6.71
Exercised		(1,086	)		3.99
Cancelled		(41	)		8.21
May 31, 2022		9,462		$	5.86		2.41	$	8,083
Vested and exercisable as of May 31, 2022		6,063		$	4.88		1.56	$	8,083

The following table summarizes other stock option-related information:

	Six months ended May 31,
	2022			2021
Weighted-average assumptions used to value stock option awards:
Expected volatility		46.5	%		47.3	%
Expected term of options (years)		4			4
Expected dividend rate		—			—
Risk-free interest rate		1.13	%		0.3	%
Expected forfeiture rate		2.9	%		3.0	%
Weighted-average grant-date fair value	$	3.16		$	3.66
Intrinsic value of options exercised	$	3,630		$	5,384
Cash received from options exercised	$	—		$	—

As of May 31, 2022, the Company had $5,069 of unrecognized compensation cost related to 3,399,000 non-vested stock options expected to be recognized and vest over a period of approximately 2.5 years.

Performance share units

A summary of PSU awards outstanding and activity during the six months ended May 31, 2022 are as follows:

	Number of PSU awards (thousands)			Weighted- average grant day fair value per award		Aggregate intrinsic value
November 30, 2021		1,583		$	5.94
Granted		517			6.75
Vested		(745	)		3.69
Performance adjustment		(56	)		3.69
Cancelled		(11	)		7.93
May 31, 2022		1,288		$	7.65	$	1,689

As of May 31, 2022, the Company had $5,238 of unrecognized compensation cost related to 1,288,100 non-vested PSU awards expected to be recognized and vest over a period of approximately 2.5 years.

The following table summarizes other PSU-related information:

	Six months ended May 31,
	2022			2021
Performance multiplier on PSUs vested		93	%		150	%
Common shares issued (thousands)		430			574
Total fair value of common shares issued	$	2,903		$	5,723
Withholding tax paid on PSUs vested	$	2,122		$	731